ICS06 - Motor Insurance (Surveyor) Mock Test 16
Motor insurance after detariffing allows insurers to offer various own-damage discounts and risk-based pricing practices. Discounts may relate to approved anti-theft devices, voluntary excess, AAI membership and NCB. Catastrophe risks such as floods, cyclones and earthquakes can significantly affect motor claims. IRDAI regulates insurance business in India. Claim ratios influence underwriting profitability and future pricing decisions. Lok Adalat settlements provide a mechanism for resolving disputes efficiently. Short-period policies are priced according to applicable short-period rates. Mediators facilitate settlement rather than adjudicating disputes. Surveyors use preliminary spot surveys to establish the cause and extent of damage. Depreciation is applied to eligible vehicle parts during claim assessment.
1. Post-detariffing, OD discount practices include:
a) Vehicle anti-theft device, AAI membership, voluntary excess, no claim bonus
b) Higher premium for new
c) TP discount
d) PA loading
2. Catastrophe risk includes:
a) Floods, cyclones, earthquakes
b) Premium
c) Salvage
d) RTO
3. The regulator for motor insurance in India is:
a) RBI
b) SEBI
c) IRDAI
d) Ministry of Road Transport
4. Claim ratio (loss ratio) impacts:
a) Insurer's underwriting profit and future pricing
b) Premium of unrelated insurer
c) RTO fee
d) Free
5. Lok Adalat awards are:
a) Final and binding, no appeal
b) Appealable
c) Tentative
d) Voidable
6. A vehicle subject to short-period insurance pays premium:
a) At a discount
b) At loaded rates
c) Same as annual
d) Free of premium
7. Mediator role in MV cases is to:
a) Facilitate settlement between parties
b) Adjudicate
c) Free
d) RTO
8. Conventional heads are to be revised every:
a) 3 years by 10% (per Pranay Sethi formula)
b) Annually
c) 5 years
d) Never
9. Surveyor's preliminary report (spot survey) helps to:
a) Confirm cause/nature/extent of damage
b) Settle claim
c) Avoid premium
d) RTO record
10. Standard depreciation on rubber, nylon and plastic parts in an OD claim is:
a) 50%
b) 30%
c) 10%
d) Nil
